The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing.
The American Rescue Plan Act, P.L. 117-2, created the RRF to provide restaurants with grants equal to their pandemic-related revenue loss, up to $10 million per entity, or $5 million per physical location. Restaurants and bars have been among the hardest hit businesses during the COVID-19 pandemic, and members of the Senate Small Business Committee pushed for answers on how quickly the program could be launched.
Patrick Kelley, associate administrator for the SBA’s Office of Capital Access, told committee members that the SBA is working on developing a technology solution capable of deploying hundreds of thousands of grants to restaurants, bars, and other eligible providers of food and drink.
Link Journal of Accountacy – https://www.journalofaccountancy.com/news/2021/mar/sba-loans-restaurant-revitalization-fund-early-april-rollout.html#:~:text=SBA%20eyes%20early%20April%20to%20begin%20Restaurant%20Revitalization%20Fund%20rollout,-By%20Jeff%20Drew&text=The%20U.S.%20Small%20Business%20Administration,Senate%20Small%20Business%20Committee%20hearing.